Rising adoption of automation in healthcare industry is expected to enhance the growth of laboratory information management systems market from 2018 to 2025.
The global laboratory information management systems market is expected to reach US$ 1,475.6 Mn in 2025 from US$ 742.8 Mn in 2017. The market is likely to witness a rapid growth owing to factors such as rising adoption of automation in laboratories and technological advancements in laboratory information management systems. Additionally, potential market in the emerging nations is expected to offer significant growth opportunities to the Laboratory Information Management Systems Market players to capitalize and expand its customer base in Asian and Latin American regions.
Diabetes is a life-threatening chronic disease with no specialized cure. It is mainly caused by the body’s inability to produce or effectively utilize the hormone insulin. Diabetes is one of the largest global health emergencies of the 21st century. Each year more and more people live with this condition, which can result in life-changing complications. According to the International Diabetes Federation (IDF), in 2017, number of people with diabetes in North America was approximately 46 million which is expected to grow at 62 million in 2045. The increase in the disease prevalence is around 35% during the forecast period.
The use of automation and robotics has become pervasive in clinical laboratories around the world. A shortage of skilled laboratory workers has been decades in the making—the result of a retiring workforce and a shrinking number of accredited training programs. According to the American Society for Clinical Pathology’s (ASCP) 2016-2017 Vacancy Survey of Medical Laboratories, retirement rates of laboratory professionals across all major departments are at their highest since 2012. With a growing population sending more samples to the laboratory and a shortage of staff to handle those samples, lab managers consequently are facing a number of challenges. From maintaining control over the influx of samples and finding ways to improve workflow to deliver patient results in a timely manner, to identifying growth opportunities to generate new revenue to make up for decreasing reimbursement rates, the pressure on lab managers to sustain their laboratory operations is mounting. Less hands-on time for routine tasks maximizes existing resources to help refocus skilled attention elsewhere in the lab and reduces the need for additional operators as laboratory operations grow. Thus, the rising adoption of automated workflow solutions to manage regular tasks of the laboratory and the increasing compulsion for implementation for automation workflows for record maintenance and error reduction is likely to propel the growth of the laboratory information management systems market over the coming years.
The major players operating in the laboratory information management systems market include Thermo Fisher Scientific, Inc., LabLynx, Inc., LABWORKS, Illumina, Inc., Abbott, LabVantage Solutions, Inc., Accelerated Technology Laboratories, Inc., Autoscribe Informatics, LabSoft LIMS by Computing Solutions, Inc., and LabWare among others.
